3 easy things congress could do for student loan borrowers that are NOT ‘forgiving’ loans Student Loans |
- 3 easy things congress could do for student loan borrowers that are NOT ‘forgiving’ loans
- So…why don’t we organize a march on Washington?
- So are Parent Plus Loans eligible for IBR?
- Navient is saying I don't qualify for IBR
- 165k in debt and no how to repay..
- I owe my school $7,000... in 18 days
- EICR Rejected?
- Should I refinance my federal student loans
- How long until I can see my account after transferring?
- Help With Taking out & Paying Student Loans
- Expat with US FedLoan debt
- 100% Principal Payments
- What about reigning in the schools?
- When does interest start accruing post CARES act? On Feb 1 with payment or earlier?
- Loan consolidation
- Borrower Defense Application against DeVry
- Paid off over half my loans, ~20k remaining. Should I pay down low-interest loans or save up for long-term travel while I'm still relatively young?
- Refinancing Questions
- Paying Off during Forbearance before switching to Aidvantage
- I need my transcripts to enroll in CC but tuition from former college needs to be paid first
- Should I pay off loans or invest in the market?
- Never took out student loans before, can someone tell me what to expect ?
- Refinancing before 0% disappears?
- Graduated During Covid
- PAYE 20 year forgiveness plan question about lump sum
| 3 easy things congress could do for student loan borrowers that are NOT ‘forgiving’ loans Posted: 17 Dec 2021 05:29 AM PST 3 easy things congress could do for student loan borrowers that are NOT forgiving their loans:
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| So…why don’t we organize a march on Washington? Posted: 16 Dec 2021 08:49 PM PST Let's face the facts. Biden broke one of his major campaign promises. Among others. Student loan repayments are resuming Jan 31st. What are we going to do about it? January 29th, we march on Washington. This is an issue that crosses lines. We need to do something. [link] [comments] |
| So are Parent Plus Loans eligible for IBR? Posted: 17 Dec 2021 04:19 AM PST I'm very confused about this matter. I always thought that IBR only applies for loans taken out by students but then I saw a recent post from yesterday. So if I consolidate my mother's parents' plus loans I can then apply for an Income-Contingent Repayment (ICR) Plan and the loan will only be 20% of my mother's income. Is this correct? It almost seems too good to be true. [link] [comments] |
| Navient is saying I don't qualify for IBR Posted: 16 Dec 2021 02:04 PM PST I went to recertify, after weeks I finally got my application uploaded in their system. They rejected it and I had to call to see why. The rep stated I don't qualify. Nothing has changed with me, same salary, same ol' loans. Could my large balance with FedLoan being in the covid forbearance be causing an issue? Anybody else have this happen? Sorry for any formatting or spelling issues. I'm posting at work real quickly, I haven't had power / cell at my house in days due to a winter storm. [link] [comments] |
| 165k in debt and no how to repay.. Posted: 16 Dec 2021 01:40 PM PST I have approximately 35k in debt under my name, i think i can tackle it.. My mother however is 165k in parent plus and her and my father do not qualify for income driven repayment. I have already applied to lower the payment to 700 a month but thats still not doable according to her I have explained to her that our options are either she declares bankruptcy/default/we pay We are trying to mentally prepare for when the loans start up again. Please help What are our options, should i hire a student loan lawyer? [link] [comments] |
| I owe my school $7,000... in 18 days Posted: 16 Dec 2021 12:11 PM PST So I just finished signing up for the spring semester, finals done, final papers also done. Life was looking good, grades looking fine. No less than 15 minutes ago I receive a lovely email from my school notifying me that my Ebill has been updated. My balance went from owing $0.00 to owing $7,214 by January 3rd, 2022. Which is in 18 days. My family most definitely does not have that kind of money and I am going home for Christmas this weekend, how and when do I explain to my single mother who already took out a ParentPLUS loan for me that I now owe this school $7,000 in 2 and a half weeks. Does anyone know what I can do to get this price down? i need help urgently. Edit: Just throwing in that this is my first year of college and I just turned 18, my mom never went to college so she doesn't know how this works either. [link] [comments] |
| Posted: 16 Dec 2021 09:16 AM PST According to this article Ed's rulemaking committee has rejected the EICR proposal and it seems for good reason.
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| Should I refinance my federal student loans Posted: 16 Dec 2021 08:04 PM PST I owe 52k to the government and have been doing the IDR since 2016, I paid off my private student loans (60k) should I refinance and get a lower rate or keep doing the IDR until the 20 year period is over? [link] [comments] |
| How long until I can see my account after transferring? Posted: 16 Dec 2021 07:23 PM PST FedLoan transferred my loans to Ancient today apparently - all info on my loans is no longer visible on FedLoan's website. However, I haven't heard a peep from Navient in my email inbox. When I try to create an account on Navient's site, it doesn't let me create an account either with my info, saying an account isn't found. How long does the process take? I thought it would be a same-day process since they told me about the transfer several weeks back. I live outside of the US now, so I would rather avoid an expensive international call. [link] [comments] |
| Help With Taking out & Paying Student Loans Posted: 16 Dec 2021 11:07 PM PST Hi, So I am a graduate student currently. I finished undergrad last year with no debt due to a scholarship that paid for my tuition. The scholarship doesn't cover all of graduate school so I am taking out loans. The scholarship allows for two semesters paid at the undergraduate rate (graduate courses are more expensive). I just finished my first semester and took out 3,000 to pay for it to pay the difference between my scholarship. This semester I am taking less classes which will be a lower cost meaning that my scholarship will cover a larger portion of the cost. The total cost is about 2,900 and my scholarship will give me 1,900. I wanted to pay the difference upfront to avoid taking out a loan for this semester. However, this is the last of my scholarship money, so going forward I would have to pay the full price. Would it be better to pay the cost of the upcoming semester (the difference between the rest of my scholarship and the total cost) upfront or take a loan for the difference and continue to save this money for future semesters where I have no scholarship? For reference, I have a part time job and will be able to save some money by the summer or fall semester to pay a significant amount of future tuition. My parents assist me with some of my living costs so saving money is possible if I budget correctly. Would it be worth it to just take another 1K out for this semester and just continue saving to pay a full semester upfront when my scholarship runs out in the future? [link] [comments] |
| Posted: 16 Dec 2021 05:09 PM PST Hi everyone. Longtime lurker, first time poster. A very long story short, we have saved some money to pay a chunk off my partner's 200kUSD student loan. We are fighting an uphill battle because the amount we are losing in foreign exchange is significant. Say we transfer 70k, it'll end up paying off only 50k. We file our US taxes every year, as well. He's making more than the FITE, but we use carry forward tax credits to offset any taxes that may be payable. We can't refinance to a lower interest rate because we aren't residing in the US. So once these FedLoans kick up again, that % is going to suck. Does anyone as an expat have any tips? We're not looking for a free ride, but gosh that 7% is painful. Pre Covid we were on income based repayment and across 1 year we made 16kUSD payments and only 1,200 touched principal. Ugh. Thanks in advance. Sorry if I'm delayed in responding - at work atm! [link] [comments] |
| Posted: 16 Dec 2021 12:00 PM PST I know that borrowers are allowed to make 100% principal payments now (if they've paid off their outstanding interest) but I keep seeing articles talking about making principal-only payments on your student loans. Is this actually a thing? When I look at my promissory note it looks like it says payments always got to interest and fees first, and then to principal. Yet I KEEP seeing articles that make it seem like there is some magic work around? Do private lenders allow this? If so who? Here are some of the articles I'm talking about, it almost feels like this is just made up but that none one actually allows this: https://www.google.com/search?q=+principal-only+payment+student+loans+&client=safari&rls=en&biw=1344&bih=703&ei=GZm7Yald9YnBuQ-0s5x4&ved=0ahUKEwjpzdemjOn0AhX1RDABHbQZBw8Q4dUDCA0&uact=5&oq=+principal-only+payment+student+loans+&gs_lcp=Cgdnd3Mtd2l6EAMyBggAEBYQHjIGCAAQFhAeMgUIABCGAzIFCAAQhgM6BwgAEEcQsAM6BggAEAcQHjoICAAQDRAFEB46CAgAEAgQDRAeOggIABAIEAcQHjoICAAQBxAFEB46BAgAEEM6BQgAEIAESgQIQRgASgQIRhgAUL0MWMMlYJAnaAJwAngAgAGrAYgB3xKSAQUxMi4xMZgBAKABAcgBCMABAQ&sclient=gws-wiz [link] [comments] |
| What about reigning in the schools? Posted: 15 Dec 2021 06:54 PM PST Obviously student loans are a problem. But does anyone ever talk about the schools? Forgiveness would be great, but that doesn't solve the problem. If schools weren't charging, you know, $70k a year, kids wouldn't need to take out a mortgage to educate themselves. I don't claim to have any answers, but my husband and I have been talking about that a lot as my step-son is looking at colleges for next year. I know it's just another issue on top of insanely priced insulin, food deserts and pretty much everything else. I was just curious on peoples thoughts on the bigger picture. [link] [comments] |
| When does interest start accruing post CARES act? On Feb 1 with payment or earlier? Posted: 16 Dec 2021 08:15 AM PST |
| Posted: 16 Dec 2021 09:57 PM PST I submitted my application for PLUS loan consolidation about a week ago and got an email saying it will take 30-45 days. I was planning to apply for IBR after loan consolidation ( was not aware of the process takes that long) so I can start paying off when forebearance is over in Jan. So my question is should I apply for IBR now and recertify when the consolidation is finalized or should I wait for the consolidation and then apply for IBR? [link] [comments] |
| Borrower Defense Application against DeVry Posted: 16 Dec 2021 05:51 PM PST Hello, My quick backstory: -I have 33K in Student Loans left, at the end of this month I'll have enough to fully pay it off. -I'm aware of the possible 10K Biden promise, I've read through many posts on the topic in this community. But at this point I don't expect it to happen and not going to wait for it to possibly happen. -I have two Borrower defense cases open. This is my third time applying for DeVry forgiveness with the previous attempt just stating 'rejected.' Has anyone successfully been approved for some type of forgiveness via the DeVry LawSuit? Is it worth waiting for these cases to be looked at or just fully pay it off? Thanks for your time! [link] [comments] |
| Posted: 16 Dec 2021 09:31 PM PST For context, I am a 26-year-old software worker based in Southern California. I make decent money and live in an HCOL area. Throughout the interest and payment freeze, I pretty much stopped paying loans altogether and threw everything I could at my retirement accounts and subsequently the stock market, which worked out well in terms of returns. Despite having ~20k in loans remaining, my NW is now decently over 100k, with 80% in broad index ETFs, 10% individual stocks/crypto, and 10% cash. My repayment strategy included switching my federal loans to the extended graduated repayment plan (25 years, yikes), so I could focus on paying down the highest interest loans first. I've since paid off all of my private loans and about a third of my federal loans, with the remaining average interest rate at 3.9%, which I understand to be below the current inflation rate as well as below average market returns for the S&P500/total stock market. Now, the kicker: I see the rat race unfolding ahead of me. While I've held out on most lifestyle inflation, I'm burned out on working in tech and would like to contribute more to a community than just make shareholders/execs more money, despite making decent money myself. My gf and I are very active climbers/surfers and would love to spend a few months or longer in a place with access to both (maybe abroad), which is currently difficult to balance in the HCOL area we live in due to holding down high-stress full-time jobs and having an 18-yr-old cat. I feel like I'm missing out on some of my youth due to being churned in and out of the U.S. education system and having spent virtually every week working part or full-time since I was 15. My returns from my investments should theoretically return more than the interest on my student loans, and the current graduated repayment plan has my monthly payment at less than $90. I'm wondering if it makes sense to try and pay off all my loans next year and leave a clean-cut before traveling, or instead if I should start saving what I'd use to pay down loans as a travel budget for 6-9 months while I try to put together a new life with my gf along the way in a lower COL area since I don't see us ever being able to afford a home here. Should I pay back Uncle Sam or give him the middle finger and just go surf instead? Am I looking at this idea through rose-colored glasses and should I just be thankful that I have a decent-paying job in this economy? [link] [comments] |
| Posted: 16 Dec 2021 05:11 PM PST I refinanced my private student loan from sallie Mae to earnest back in February. 99k for a 3.46% interest rate. Balance is now 76k. I know it's on the early side to look to refinance again, but with federal loans about to re-start, I'll have less extra to throw at the balance every month so I figured I'd see what's out there. On credible I found an offer from lendkey for 2.7% fixed for a 5 year term and laurel road also 2.7% fixed for 10 years with a lower monthly payment. My question is, when I compare on unbury.me my current earnest loan and this new interest rate with the same monthly payment, it looks like I'm only saving $1.7k in the long run. Am I running the numbers correctly? I figured 3.46 to 2.7% would be a bigger jump savings wise. [link] [comments] |
| Paying Off during Forbearance before switching to Aidvantage Posted: 16 Dec 2021 01:18 PM PST Do I have to take myself out of forbearance before paying off my loans? Also, I know some recommend waiting until the switch from Navient to Aidvantage takes place, but I just want to pay and get it over with. Am I not foreseeing a certain problem with doing so? TIA [link] [comments] |
| I need my transcripts to enroll in CC but tuition from former college needs to be paid first Posted: 16 Dec 2021 10:47 AM PST I went to college for about a year and a half before taking a gap year because my family struggled to pay the balance to enroll in the next semester. The balance is around $30K. My family promised me that they would be able to pay it but now the gap year is up and they still can't pay it. I would've never gone to this college knowing my family couldn't afford but they assured me in the beginning that they would but now they can't and I have to figure out this mess myself. I never took out private loans and we purely used FAFSA money and paid out of pocket on the rest but we can't anymore. I never took out private loans because my family and everybody else around me told me not to do that. But the unexpected happened and now it seems like I have no choice but to take out loans. I'm super anxious and stressed because I could never imagine this would happen to me and I looked toward the alternative of going to community college so I can continue my education. However, I can't enroll until the transcript from my previous college is released by paying the outstanding balance. Is it possible for me to take out student loans to pay the balance from my former school and get the transcript released so I could enroll in CC? If so, what student loans are best? My credit score is good, not amazing since my account isn't that old, and my mom doesn't have a good credit score so I don't know if I could get a loan with her as a cosigner. Please let me know if you need to know any more details to help with this. Also, since its a student loan used to pay for my former college, would i need to start paying it back right after I transfer? TL;DR: Struggling to pay the balance from former college to get transcript released to enroll in CC. Need to know if getting a private student loan will clear it and which private loan is best. [link] [comments] |
| Should I pay off loans or invest in the market? Posted: 16 Dec 2021 07:51 AM PST I have ~$20K of student loans with an average of 4% interest on the loans. Does it make more sense to pay it all off in Feb'22 or pay off the higher interest loans and invest the remaining $15K? [link] [comments] |
| Never took out student loans before, can someone tell me what to expect ? Posted: 16 Dec 2021 07:42 PM PST I have an AA and a BA degree, but I received financial aid to cover the majority of the costs for them and for whatever else it didn't cover, I paid out of pocket. I'm going for a career change and will be receiving very little financial aid this time so I have to take out student loans. This is stressing me out honestly but i'm trying really hard not to think about it lol. I just want to know how they work as i'm clueless in this department. This is an estimate of what the loans will look like: Loan 1: $14,300 I have excellent credit but for the sake of worse case scenario, say the interest rate on these loans are 6% and I make a monthly payment of $1,000 on them to pay them off faster - how does that monthly payment get divided between each loan ? Would it be tackling Loan 1 then making its way down or does it get split evenly between each loan ? Sorry if this is a stupid post, but please explain it to me like i'm 5 years old lol. [link] [comments] |
| Refinancing before 0% disappears? Posted: 16 Dec 2021 02:16 PM PST As much as I was holding out hope for an extension on the 0% interest rate for federal loans and/or some amount forgiven, I am coming to terms that simply won't happen. So for me, it's time to consider refinancing. But my question is when? I'm seeing some of you say that refinancing offers are typically good for 30 days. So do I begin this process in early January? How long does it normally take for the loans to transfer over? [link] [comments] |
| Posted: 16 Dec 2021 08:21 AM PST I saw another post on here somewhere but I cannot find it. I graduated grad school in the middle of the COVID loan forbearance (Dec 2020). Does anyone know if we graduated in the middle of forbearance if we still get our 6 month grace period starting in February? When I checked myfedloan account the amount coming up due is 0.00. Just curious if this is happening to anyone else and if anyone knows about the post graduation grace period. I feel like it's impossible to try to reach them on the phone right now. [link] [comments] |
| PAYE 20 year forgiveness plan question about lump sum Posted: 16 Dec 2021 05:02 PM PST I am going for PAYE. Started paying in 2019. My plan is to pay the minimum and plan for the tax bomb. I have 175k in debt right now. If I pay minimum, the balance may be at 300k for maths sake. Tax bomb as taxable income makes that tax bill that final year is probably around 100,000. I'll save /invest and hope I have a portfolio with that much in it. My question is before the rates start again or along the way , does a lump sum occasionally make sense ? Or Make a 20k payment next week? Or hit them hard as I can before repayment starts and then just Stick to minimum ? If I can knock principal down to 150k before it starts again is it worth it if I'm going for forgiveness /tax bomb anyways ? Not sure how to run the math Would lower the principal on what accumulates interest Some loans are 6.8%which would require my portfolio to perform pretty well to out pace that [link] [comments] |
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